Congress Seeks Answers To Oil Prices
Bill On Way To President Bush Aimed At Stopping Oil Reserve Shipments
POSTED: Wednesday, May 14, 2008
  Martin Rose/Getty Images |
WASHINGTON -- Congress has sent President George W. Bush legislation directing him to temporarily halt oil shipments into the government's emergency reserve. Lawmakers hope that will lower energy prices. Final Senate approval came late Wednesday without debate. Bush has refused to halt the shipment of about 70,000 barrels of oil a day into the Strategic Petroleum Reserve, saying it would have no impact on gasoline or crude oil prices. Lawmakers acknowledged the suspension would be a "small step" to take in response to oil prices of nearly $125 a barrel and gasoline threatening to go to $4 a gallon this summer.Still, the Senate voted 97-to-1 to suspend the deliveries and the House followed hours later, approving a similar measure by a vote of 385-25.But the Senate and House versions were slightly different, so the Senate approved the House-passed bill by so-called unanimous consent as the chamber completed its business Wednesday evening.Although Bush is against the legislation, White House officials have indicated that he is expected to sign it. The government stockpile currently contains 701 million barrels of oil, enough to cover two months of oil imports. But by law, it can't be touched unless there are supply disruptions. Oil from the stockpile has been used twice in response to disruptions or fear of supply shortages -- before and during the 1991 Persian Gulf War and in 2005 after Hurricane Katrina disrupted supplies from the Gulf of Mexico.
Previous Stories:
- May 14, 2008: Gas-Gouged, More People Hop On Scooters
- May 13, 2008: Bipartisan Vote Halts Adding Oil To Reserve
- May 9, 2008: Oil Surpasses $125 Per Barrel
- May 5, 2008: San Francisco Gas Prices Highest In Nation
- May 2, 2008: Gas Prices Drop For First Time In 18 Days
- April 23, 2008: Where Will You Be When Gas Hits $5 A Gallon?
Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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